Genzyme Corp. announced Monday that it will use cash to buyback the two development programs that remain under theaegis of its Neozyme Corp. (Neozyme I) spinoff.

Genzyme of Cambridge, Mass., announced in October that itwould purchase the programs by Dec. 21 for $49 million, usingcash, Genzyme common stock (NASDAQ:GENZ) or a combination.

Neozyme announced in early November that it had decided todistribute the net proceeds of the transaction to itsshareholders.

For the $49 million, Genzyme is getting an R&D program on theenzymatic debriding agent Vianain (for removing necrotictissue associated with moderate to major burns) and a fetal cellseparation and analysis program (for prenatal genetic testing).--Jennifer Van Brunt

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